In this ever changing landscape of bank failures, short sales and multiple mortgage assignments, borrowers often overlook the last step in these transactions, which could come back to haunt them. That last step is getting the prior, paid-in-full mortgage released “of record” in the City Register’s office. Many people fail to understand that merely paying … More Make Sure Your Mortgage Satisfaction is Recorded!
It is a much easier way to purchase into a co-op. When selling an apartment, the sponsor is exempt from following the board’s guidelines and interview process, so purchasers of sponsor units do not have to go through the co-op’s lengthy application packages and review process and do not need a board interview to purchase. … More Is it Easier to Purchase a Co-op From The Sponsor?
Does your building have sufficient insurance in case of a fire? This article from Habitat Magazine explains how coverage may be compromised based on recent policy changes. In the wake of recent disasters, co-ops and condos should be warned: insurance companies have instituted a few changes that could affect you. For starters, many have substantially reduced … More How Your Co-op or Condo May Be Affected By Recent Insurance Policy Changes
With mortgage rates expected to rise this Fall, house flipping will become riskier due to the fact that the buyer pool will be shrinking based on higher income needs for buyers to qualify for their loans. This CNBC article explains why it is importance to factor this in when deciding to purchase a home as … More House Flipping: It’s riskier but more lucrative.
Chase has recently changed its guidelines on jumbo mortgages in an effort to increase business. This CNN Money article explains the new requirements. The standards for second-home purchases requiring a jumbo loan have also eased to a 680 credit score and a 20% down payment. Buyers used to have to put down 30% to 50%. … More It just got easier to get a jumbo mortgage.